Crypto Beginner Guides

Bitcoin (BTC)

Bitcoin

$3,782.02

Bitcoin – The Ultimate Medium For Effortless And Secure Transactions.

Bitcoin, abbreviated as BTC is a cryptocurrency that is powered by blockchain technology. The crypto, which is the leading digital currency across the world is designed to function as a digital currency that is decentralised. This means that BTC can function perfectly without the management of a Central Bank or any other administrator.

Bitcoins are created through mining and can be exchanged for other products and services as well as other currencies. The advent of this digital currency raised a lot of interest among different entities, leading to the creation of other digital currencies including Ethereum and Ripple among many others.

People seeking to trade in Bitcoins can either mine them or buy them from trusted investors using their public key address.

So What Is Bitcoin?

Bitcoin is among the first digital currencies that use peer-to-peer technology to enable secure and instant online transactions and payments. The availability of Bitcoin in the financial market is made possible by miners, who include companies and individuals who possess the computing power of mining this valuable currency.

Bitcoin mining denotes the process through which new bitcoins are released to circulate the market. Primarily, this process involves solving puzzles that are computationally difficult in an effort to discover a new block. The block is then added to a blockchain from where miners receive a reward which is in form of a Bitcoin. As more Bitcoins are created the process of mining them becomes harder, making miners to require greater computing power.

The price keeps on fluctuating depending on its mining network size. Basically, the higher the network, the more difficult it is to mine the Bitcoins, and thus the higher its price and vice-versa.

How to Use Bitcoin

Bitcoin seeks to make online transactions safe, secure and convenient. As the currency continues to grow, so does the number of people who are after using it in their day to day transactions.

Bitcoin promotes anonymity, in that you can never from where your sender is located neither can your sender know where you are located. This makes it one of the most authentic payment option, particularly to those seeking to remain anonymous. On the other hand, BTC can be used across many platforms to pay for services and products, and you can also use it to receive any amount of money from anyone, regardless of where they are in the world.

To use BTC, you are supposed to have an e-wallet, which can be gotten from a trustworthy site. From there, you will be given a public address which you share with other people. It is to this address that you are sent bitcoins, and it is also the address you use to send the currency to other people.

People who are enthusiastic about trading can do so in different trading platforms since it is included in a number of them. One thing that you should be aware of is that you can not reverse a transaction carried out through Bitcoins. As such, you should always ensure you do business with platforms or people that are credible.

Bitcoin Price Prediction

The future of bitcoin is bright, brighter than it has ever been since its creation. Despite that fact that predicting the future of most crypto coins is hard, bitcoin’s star seems to continue shining bright even in the near future. There is a very large possibility that in the next couple years that this coin will hit the $40,000 mark.

The fact that there are very many stores are accepting this coin shows that there is increased acceptance for this coin as opposed to other coins. Basically, you will find that use of the bitcoin is at a whole new level and this works positively for it.

Major money transfer agencies now recognize bitcoin. You can comfortably send money to your Skrill account and convert it to bitcoins when sending to another person. In July 2018, Bitcoin was trading at $8200, after a retracement from around $14000. The retracement may have been caused by normal efforts to undermine cryptos by some governments around the globe. This has however not crippled its trend in a large way. It is currently on a bullish trend.

In the past one year, mining bitcoins has been becoming harder by the day. This means limited supply is really catapulting the price higher.